Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

JP Morgan fined by SEC for deleting email records

theregister.com

Post reply on HN
Print view View original

61–70 of 254 posts

Re: JP Morgan fined by SEC for deleting email records

#61

Post by ndsipa_pomu »

Cthulhu_ wrote: post #50
danuker wrote: post #40

Earlier quoted context omitted.

The SEC is not in the justice business. It is a puppet of the banks themselves. A $4M fine is NOTHING for a company netting $12.62B a QUARTER.

The $4M is a slap on the wrist, but if there's evidence that it was done on purpose, and the deleted data is evidence for a bigger case, they'd be in much bigger trouble still. But, innocent until proven guilty; if there's no indication of any missing evidence, it'll stay at the failure to retain data fine.

> Worse still, the stuffup meant that it couldn't produce evidence that that the SEC and others subpoenaed in their investigations. "In at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently," the SEC says.

That would seem to be an indication of missing evidence

Re: JP Morgan fined by SEC for deleting email records

#63

Post by KMnO4 »

DrBazza wrote: post #49
DrBazza wrote: post #19

Earlier quoted context omitted.

It would be ironic if amongst the messages deleted was "Is $4m less than what we'd be fined for that other thing we did?"

This attitude is actually common place in the industry. Can we make more profit than the fine for market abuse?

Reminds me of the infamous Fight Club scene

> Take the number of vehicles in the field, A, multiply by the probable rate of failure, B, multiply by the average out-of-court settlement, C. A times B times C equals X. If X is less than the cost of a recall, we don't do one.

Re: JP Morgan fined by SEC for deleting email records

#64

Post by gizmo »

eddyzh wrote: post #34

The accident is not the deleting but the not having sufficient backups.

Aggressively deleting all records the moment it’s legally allowed is the name of the game. Records are a real liability for banks so the moment they can go they’re gone.

Unless the fines become existential or the c-suite goes straight to jail this won’t change.

Re: JP Morgan fined by SEC for deleting email records

#65

Post by ndsipa_pomu »

aziaziazi wrote: post #27

This double as a great PR communication toward any businesses that want their data be secured. Secured as in « out of legal reach »

I prefer to just store the data in /dev/null - so much cheaper than using a business to do it for you.

Re: JP Morgan fined by SEC for deleting email records

#66

Post by gameofcode »

d0gsg0w00f wrote: post #62

I work for a large bank and can confirm that I can only see the last 6 months of emails. I assume this archiving rule just got applied too liberally. However, I doubt that will assuage the conspiracy theorists.

The archiving could have moved it onto another platform that you don't have visibility of.

Re: JP Morgan fined by SEC for deleting email records

#67

Post by aziaziazi »

amelius wrote: post #60
sensanaty wrote: post #46

If it weren't so depressing it'd be incredibly hilarious how blatant and open the corruption here is, as if anyone on planet earth is gonna buy this BS story. The fines for these types of accidents should be starting with the letter B and ending with illions, lets see how often these types of mistakes happen in the future afterwards.

Fines? You mean detention.

Can’t you pay to get out of detention in the US?

Re: JP Morgan fined by SEC for deleting email records

#68

Post by boredumb »

This happened because JPMorgan is under investigation for its relationship with Jeffrey Epstein the person who invited wealthy scientists, politicians and businessmen to come to an island where he also raped kids.

It doesn't matter, anyone that even mentions it will eventually be relegated to the "her emails" camp and disregarded. Can never tell if i'm just getting older and taking more notice or the blatant corruption we seem to shrug off is actually growing (probably the prior).

Re: JP Morgan fined by SEC for deleting email records

#70

Post by londons_explore »

ranting-moth wrote: post #16

IANAL but in many countries the judge might draw adverse inference and effectively assume what was in that evidence. That wouldn't be in the deleters interest. https://en.m.wikipedia.org/wiki/Adverse_inference

> assume what was in that evidence

So, what you're saying is that if the actual evidence shows something worse than what the judge will assume it says, then you should 'accidentally' delete it.

I think there are plenty of cases of this happening.

Post reply on HN